A bill introduced Tuesday on Capitol Hill aims to give companies a new federal civil court venue to better protect against corporate trade secrets theft.

Sen. Chris Coons, D-Del., and Orrin Hatch, R-Utah, filed the Defend Trade Secrets Act to create the first federal right of civil action for trade secrets theft. Federal criminal law is insufficient, the lawmakers said in a written statement, and trade secrets theft accounts for losses of an estimated $160 billion to $480 billion each year in the United States.

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